The new investment strategy of XHY is to invest primarily in a regularly rebalanced portfolio of U.S. dollar-denominated high yield corporate bonds, selected by BlackRock Canada from time to time, that in aggregate closely match the characteristics of the Markit iBoxx USD Liquid High Yield Total Return Index hedged in CAD (the "XHY Index"), and hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The previous investment strategy of XHY involved investing in the iShares iBoxx $ High Yield Corporate Bond ETF, a U.S. iShares Fund that itself invests in a portfolio of U.S. dollar-denominated high yield corporate bonds included in the XHY Index. The investment objective of XHY and the XHY Index have remained unchanged.

As a result of the new investment strategy, the potential expiration of U.S. tax rules exempting qualified interest income from U.S. withholding tax no longer affects XHY, as interest income arising from direct investments in U.S. fixed income securities is generally not subject to U.S. withholding taxes.

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2013, BlackRock's AUM was US$3.857 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of June 30, 2013, the firm has approximately 10,700 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.

About iShares®ETFs

iShares is the global product leader in exchange traded funds with over 600 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares Funds are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and high net worth individuals.

iShares® Funds are managed by BlackRock Asset Management Canada Limited. Commissions, management fees and expenses all may be associated with investing in iShares Funds. Please read the relevant prospectus before investing. The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.